Nigeria: NIA urges insurers to invest in technology

The Nigerian Insurers Association (NIA) is urging insurance companies in the country to increase their investment in technology tools to boost insurance adoption among Nigerians.

During the Insurance Meets Tech (IMT 2.0) conference themed ‘Unlocking Policy and Tech Challenges Inhibiting Disruptive Insurance Penetration,’ NIA President Olusegun Omosehin emphasized that, despite inflation and infrastructure issues in Nigeria, insurers must prioritize technology adoption for continued growth.

He stated that through this approach, insurance companies could attain a gross premium exceeding N1 trillion by the end of 2023, capitalizing on technology to promote the adoption and acceptance of insurance products.

In an era marked by increasing technological advancements and digital disruptions, Omosehin noted that the insurance industry has displayed resilience and strength, even in the face of economic challenges.

“We reaffirm our commitment to drive innovation for economic growth and secure the future of our businesses, and national assets,” he said.